Penn National Gaming, Inc. (PENN) Given New $26.00 Price Target at Telsey Advisory Group
Penn National Gaming, Inc. (NASDAQ:PENN) had its target price raised by research analysts at Telsey Advisory Group from $23.00 to $26.00 in a research note issued to investors on Thursday. The brokerage presently has an “outperform” rating on the stock. Telsey Advisory Group’s price target suggests a potential upside of 9.70% from the stock’s previous close.
A number of other analysts have also commented on PENN. Zacks Investment Research raised Penn National Gaming from a “hold” rating to a “buy” rating and set a $27.00 price objective on the stock in a research note on Saturday, October 7th. BidaskClub raised Penn National Gaming from a “sell” rating to a “hold” rating in a research note on Saturday, August 12th. ValuEngine lowered Penn National Gaming from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Instinet reaffirmed a “neutral” rating and set a $21.00 price objective (up previously from $19.00) on shares of Penn National Gaming in a research note on Monday, June 19th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $23.00 price objective on shares of Penn National Gaming in a research note on Friday, July 14th. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $21.50.
Penn National Gaming (PENN) opened at 23.70 on Thursday. The stock’s 50 day moving average price is $22.60 and its 200 day moving average price is $20.64. The stock has a market cap of $2.16 billion, a price-to-earnings ratio of 29.77 and a beta of 0.97. Penn National Gaming has a 12-month low of $11.93 and a 12-month high of $24.74.
Penn National Gaming (NASDAQ:PENN) last posted its quarterly earnings data on Thursday, July 27th. The company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.07). The company had revenue of $796.50 million for the quarter, compared to analyst estimates of $788.65 million. Penn National Gaming had a net margin of 2.39% and a negative return on equity of 16.72%. The firm’s revenue was up 3.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.37 EPS. Analysts forecast that Penn National Gaming will post $0.61 EPS for the current fiscal year.
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In other news, CEO Timothy J. Wilmott sold 84,436 shares of the firm’s stock in a transaction dated Friday, October 6th. The stock was sold at an average price of $24.12, for a total value of $2,036,596.32. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Timothy J. Wilmott sold 5,400 shares of the firm’s stock in a transaction dated Tuesday, September 19th. The stock was sold at an average price of $23.02, for a total value of $124,308.00. Following the completion of the transaction, the chief executive officer now owns 460,600 shares in the company, valued at $10,603,012. The disclosure for this sale can be found here. Insiders have sold 282,755 shares of company stock worth $6,492,534 over the last quarter. 10.17% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in the company. Lord Abbett & CO. LLC purchased a new position in shares of Penn National Gaming in the 2nd quarter worth about $20,760,000. Piedmont Investment Advisors LLC purchased a new position in shares of Penn National Gaming in the 2nd quarter worth about $385,000. Sterling Capital Management LLC raised its holdings in shares of Penn National Gaming by 140.1% in the 2nd quarter. Sterling Capital Management LLC now owns 77,839 shares of the company’s stock worth $1,665,000 after purchasing an additional 45,420 shares during the period. Ameritas Investment Partners Inc. raised its holdings in shares of Penn National Gaming by 6.9% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 7,441 shares of the company’s stock worth $159,000 after purchasing an additional 482 shares during the period. Finally, California State Teachers Retirement System raised its holdings in shares of Penn National Gaming by 2.3% in the 2nd quarter. California State Teachers Retirement System now owns 150,218 shares of the company’s stock worth $3,215,000 after purchasing an additional 3,398 shares during the period. Institutional investors own 95.31% of the company’s stock.
About Penn National Gaming
Penn National Gaming, Inc (Penn) is an owner and manager of gaming and racing facilities, and video gaming terminal operations with a focus on slot machine entertainment. The Company operates through three segments: Northeast, South/West and Midwest. The Northeast segment consists of various properties, including Hollywood Casino at Charles Town Races, Hollywood Casino Bangor, Hollywood Casino at Penn National Race Course and Hollywood Casino Toledo.
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